29 2nd St, Catasauqua, PA 18032-2806
- Residential income homes
- 2,798 SF
- 0.10 lot acres
Current Use by Public Records
- Residential income homes
Property Details for 29 2nd St
- Year built
- 1870
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 0.10 lot acres
- Zone code
- R2
- Property type
- Residential income homes
- Property subtype
- Small apartment buildings
- APN
- 640818703348-1
- APU
- 6408187033481
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jul 27, 2021 | $299,000 | Halyard Group LLC | Hugh Lawrence | Special Warranty Deed | $224k · First Keystone Community Bank |
| — | — | Lawrence,hugh & Mariette E | — | Deed Of Trust · related | $164k · Embassy Bk/lehigh Vly |
Description
This exceptional investment opportunity in Catasauqua, Pennsylvania presents a 10-unit apartment building with significant value-add potential. The property, located at 29 2nd St, boasts 3,500 square feet on a 4,530 square foot lot and is zoned R2 - MDR. Currently generating over $65,000 in gross rental income and a Net Operating Income (NOI) of $39,406, the property offers a 7.37% cap rate with a pro-forma cap rate of 8.80% and a pro-forma NOI of $47,085. The building, constructed in 1870 and comprised of two buildings across three stories, includes a mix of unit types: four units feature private kitchens and bathrooms, while others share bathrooms. Three additional garage spaces generate supplemental rental income. The property also benefits from the recent installation of a new roof (within the last two years), mitigating significant capital expenditure concerns. Several units already utilize Ratio Utility Billing Systems (RUBS), presenting a clear path to increase revenue by implementing RUBS across remaining units and utilities. The asking price is $535,000, or $53,500 per unit. This property represents a compelling opportunity for investors seeking strong returns and value-add potential in a desirable location. The Halyard Group currently owns the property.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Catasauqua
- County
- Lehigh
- State
- Pennsylvania
- Longitude
- -75.4676
- Latitude
- 40.6506
- CBSA code
- 10900
- CBSA name
- ALLENTOWN-BETHLEHEM-EASTON, PA-NJ METROPOLITAN STATISTICAL AREA
